The CADJPY has moved below trend line support at 79.30 today and also below the 200 day MA at 79.06 (green line in the chart above). However, the price has since moved back above the 200 day MA as the sellers and buyers seem more in control. This suggests the buyer and seller are more balanced at this level. Traders will likely take the clues from the two levels.
A break back below the 200 day MA and then through the low for the day at 78.93 would next target the 38.2% of the move up from the June 1 low at 78.72 and then the trend line and 100 day MA at the 78.59 and 78.44 level respectively. If the topside trend line is breached, 79.46 and 79.64 (100 hour MA – see chart below) will be the next upside targets.
